WE RAISE CAPITAL THROUGH BOND ISSUANCES IN INTERNATIONAL CAPITAL MARKETS TO FUND LOANS TO CLIENTS AND MAINTAIN OUR FINANCIAL STRENGTH.
IFC raises virtually all funds for lending activities through the issuance of debt obligations in international capital markets. Our borrowings are diversified by country, currency, source, and maturity in order to provide flexibility and cost effectiveness.
A consistent triple-A credit rating based on conservative policies and excellent financial performance has assisted in building significant and distinct name recognition in the market place for IFC. Since first being rated in 1989, IFC has been rated triple-A every year by Standard and Poor's and by Moody's. Our high credit rating is essential for maintaining our ability to access markets globally and to maintain our low cost of funding.
Under our funding program, IFC issues bonds in a variety of markets and formats, including U.S. dollar benchmarks bonds, themed bonds that support a specific program such as green bonds; uridashi notes; private placements; and discount notes. In addition, IFC issues local-currency bonds to develop domestic capital markets and facilitate local-currency lending. In fiscal year 2014, IFC borrowed the equivalent to $16 billion in 17 different currencies.
Besides raising capital through bond issuance, we invest our liquid assets globally and manage them versus recognized industry benchmarks. We aim to outperform those targets while preserving capital and ensuring funds are available as needed for our private sector investments in developing countries.
We also manage currency and interest rate risks of assets and liabilities on IFC's funded balance sheet within prudent risk limits. This allows us to tailor risk management and loan products to the needs of IFC's clients while hedging the resulting market risks.